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Hard Financial Choices in a Difficult Economy

I wish that I didn’t have to sell my structured settlement payment, but at least I can. There are a few wishes that going back in time would have made sense. For a start I wish that high schools would teach some basic personal finance.

At school we are taught the math basics – add, subtract, multiply and divide – percentages and fractions. All very good and needed, but what about the time spent on things like working out areas and things like that – do we ever really need to know the formula for working out the area for a circle? Yes, some people do and go on to advanced math, but personally I think the time could have been better spent on some of the basics like buying a home versus renting and real-world economics.

Credit Card Problems

Credit Card Problems

We could have spent time going over real-world math and economics. For example (and importantly in my case), how to handle consumer debt. Of course my folks didn’t believe in debt, and would not buy anything unless they paid in cash. But they are old and things have changed in today’s modern world. We are the younger generation who ‘get it now and pay later’. So I did, maybe bought a few things that seemed important at the time (clothes, shoes and vacations), and just maxed out my credit cards, all that I could get.

What I didn’t realize at the time was the crazy high interest rate that the banks and credit card companies charge. I’d been listening to the news that said federal funds interest rates were at historic lows and the base lending rate was about zero, thinking that that applied to me. But I’m not a bank, and have recently been looking closer at my monthly credit card statements. Yip, maybe the bank can get loans near zero percent, but my rates are nearer 30% – no wonder credit card companies spend so much on advertising, they are making a fortune from people like me.

So I cut right back on my spending, and found out that even if I didn’t spend anything that month, the credit card balance kept going up, because the interest rate is so high my debt keeps increasing. The credit card companies keep increasing my credit limit, and the debt keeps climbing. So it seems like I am in a never ending increasing debt spiral. Getting a good job in this economy is hard, and currently I am working two jobs to try and make ends meet, which is really hard. Working and working just to give the paychecks right over to somebody else.

Luckily (I say luckily, but I have been in an accident a few years ago, which was not good luck), I have monthly payments of $1,300 coming in like clockwork from an insurance company after the settlement. However it goes straight out again on the debt repayments. So what I plan to do is sell my structured settlement payment and use the lump sum to pay down or pay off this consumer debt, so I can get my life back on track financially again.

Online Accounting Services

Everything is online – banking, photos, buying, songs, television shows and even films. At the exact same time, I am surprised at exactly how many individuals do not desire to do things online. Even with accounting. Individuals will put all of their business online however not their accounting records. They will not utilize online financial or a cloud based software – systems that are way more protected than these social media accounts.

Here are 3 more reasons you must offer virtual accounting a try, as many major accounting firms already do. Virtual accounting provides you the capacity to access your files from anywhere, whether you’re at home, work or on travel. It will conserve you time and cash. You can additionally utilize scan, mail or use cloud services to store and send out papers that your accountant. Utilizing a virtual system that is based online will save you cash. You do not have to pay an up-front cost of a software package. And as a bonus you never have to fret about software patches or updates. Although people are worried that data may not be secure, offsite servers and online cloud services are highly protected and very safe and secure. Many businesses use a 256 bit file encryption, which is the same protection used by the banking industry.

The involving age of cloud computing has brought about a multitude of commercial opportunities and efficiencies offered to the business community, medium and particularly small ventures (SMEs). Among the opportunities and effectiveness is virtual accounting or, as some people like to call it cloud accounting, is among the sturdy emerging service offerings. What began as an academic way of offering remote accounting is indeed a truth today.

Accounting controls have moved on from the days when it was considered a specialized and an awkwardly uphill struggle, stuffed with illogical concepts that undermines company liberty. Accounting bundles such as peachtree, Sage, MYOB therefore one have actually made really helpful contributions in reducing the trouble of daily accounting, but these programs appeared to expand on the understanding curve and ease of access is restricted to the pc system that they are installed on. The ability to access your accounts and up to date reports on performance at any moment and from any location with an internet connection and the ease of use that virtual online accounting brings has actually accelerated the rate of people taking up the service. Users are quickly astonished at how easily they have been able to handle their books by themselves or through a part time accountant working from another location. Plainly, the financial perks of virtual online accounting are very cost-effective. The commoditization of accounting online power as an internet service has been helped by rapid improvement in telecommunications infrastructure.

Accounting is no less a major matter than it was 50 years ago. Users of virtual accounting services need to ensure that their records are total and precise. Simple steps to using such services consist of: 1. Utilizing reminders to prepare their accounting and administrative tasks consisting of invoicing, bank reconciliation and updating guides account. 2. Making use of the invoicing and chaser centers (e.g. e-mail tips) on virtual accounting solutions to handle their company operations and working capital. 3. Accessing their account reports routinely either straight or with part-time accountants to ensure that the books reflect exactly what they anticipate. 4. Regularly using the system reports and assistance using any common financial ratios, sales revenue statistics and a multitude of reports that virtual accounting options instantaneously produce to make company decisions. 5. Keep your password sturdy, protected and safe.

The simple steps help ensure that company are well controlled and that regulatory and tax responsibilities are satisfied in a timely manner. Virtual accounting gives you the capability to access your files from anywhere, whether you’re at house, work or on travel. One of the effectiveness and possibilities is virtual accounting or, as some supporters like to say – cloud accounting is one of many powerful new technologies. The capability to access your books by you or your tax preparation service and accurate performance reports at any hour and from any location with a web connection is really invaluable these days. Clearly, the financial perks of virtual accounting makes simple financial sense. Users of virtual accounting services should guarantee that their records are precise and total.

The Euro

World Economic Outlook

There are indications all around us that the world economic crisis is intensifying, and this can likewise influence the US economic recovery, which continues to be fragile. It is clear that tough financial times are ahead as the world financial crisis continues to heighten.


International Monetary Fund Financial Outlook

Look for means to augment your earnings. The best way to do this is to build a small home business that you can care for in your extra time. You could register to be an affiliate online marketer and market a vendor’s items on your site or blog. You will be offered a special link to the business’s website, and whenever a visitor to your website click it and makes a purchase, you make a commission. In order to be successful, you will need to drive traffic to your website which has unique content on it that will encourage site visitors to buy the products you are offering.

Many households have credit card debts, as well as various other debts such as home loans and car loans. These financial obligations could easily get out of control if you lose your job or get sick. You could minimize your financial obligation by paying even more than the minimum quantity every month and paying down more than you normally do. Avoid getting into new financial obligation. One method that you could do this is to cut up your credit cards once you’ve paid off the balances on them, and avoid availing of brand-new credit cards, even if they’re provided to you on a pre-approved basis.

Financial professionals and finance media experts all indicate an approaching financial crisis by 2013. While most experts want us to realize that this occasion is certainly coming and we can not avoid its result, some are quite worried what will actually take place to routine people like you and me. Exactly how do regular people prepare in making it through the monetary crisis when 2013 is already here?

The Euro

There is still hope; you can make it through any crisis when you keep this list in mind:. Lower your debt – whenever you have debt, somebody else manages your monetary future: the financing business, a finance or the bank company really have their hands around your neck. As early as today, you need to prepare on essential methods to stop collecting even more debt as well as plans to minimize your current financial obligation. Overpay mortgages month-to-month and you will find an added couple of months off your debt or exactly how about consolidating your loans so you could take care of paying them in a more effective manner.

Streamline your life choices – find out how to live simply so you will never gather more financial obligation and you will additionally be able to save. Rather of consuming out or shopping you can cut down on these tasks so you can conserve cash. Think about ways to lower your household’s expenditures – when the upcoming financial collapse happens, you and your household will be able to cope faster if you begin living more just. Reduce cable television prices and just register for standard TV. You can also indulge the household in eating easier however more nourishing dishes, picking home grown fruits and veggies to replace eating out or eating takeaways. Simple selections like this will be able to help your family reduced everyone’s spending plan.

There are signs all around us that the world financial crisis is intensifying, and this can additionally have an effect on the US economic recovery, which continues to be vulnerable. It is clear that difficult financial times are ahead as the world financial crisis continues to heighten. Right here are some means that you can endure hard financial times. Decrease your financial obligation – whenever you have debt, somebody else manages your financial future: the loaning business, the bank or a lender has their hands around your neck. As early as today, you need to prepare on essential ways to quit accumulating more financial obligation as well as plans to lower your present debt.